Trillium Asset Management LLC, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the AFSCME Employees Pension Plan, has asked the Board of Directors of Citigroup (NYSE:C) to consider a “separation” of one or more of its business units as shares of the bank have consistently traded below book value since 2008. Furthermore, the bank failed Fed stress tests in March 2012, and is unable to return capital to shareholders as regulators are wary about its financial stability. “There is a gap of almost $50 billion between what Citi says its assets are worth and what the market is saying,” said Lee Saunders, Chairman of the AFSCME Employees Pension Plan’s Board of Trustees. “It is high time that the board gave shareholders a plan for recovering this value.”
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Private equity firm KKR (NYSE:KKR) is setting up a huge master-planned community on 164 acres in North Dakota, which is the focus of the country’s current oil boom. The project, located near Williston, is expected to provide housing for over 4000 people when complete. “The population is going to double or triple over the next handful of years,” said Ralph Rosenberg, head of KKR’s real-estate team. “We have in many respects a first-mover advantage.”
Sony (NYSE:SNE) announced plans to raise ¥150 billion, about $1.9 billion, through issue of convertible bonds. Most of the funds raised would be used for the acquisitions of Olympus Corp and US firm Gaikai Inc. However, last week rating agency Moody’s cut the long-term debt rating of the company to just one level above junk status.
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